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Tax Tips Small Business

Determining Qualified Business Expenses

Be sure to deduct every legitimate expense

Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.

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Small Business Quick Tip

Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2009, you can deduct 55 cents for each business mile you drive.
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Tuesday, 09 March 2010
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Tax Tips Personal

Public Safety Officers Get a Tax Break
Tax savings for health care costs

Beginning in 2007, retired public safety officers, or those who have separated from service due to disability, get a tax break for health care costs. If you are a retired public safety officer,
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Personal Quick Tip

Not only will you save money at the pump if you buy a hybrid vehicle, you may be eligible for a credit on your income tax return.